Not quite, Andy. The chipset integrated LAN stuff that feeds the CNR slot is a MAC only (the LAN engine). The CNR riser has the PHYsical interface chip, transformer and of course RJ45.
Same with CNR or AMR modems - the data pump is in the chipset, the physical interface codec and line interface stuff is on the riser card.
You're right about the PCI bandwidth usage thing though 🙂 and yes, chipset integrated LAN is no worse in CPU usage than PCI LAN, and since it's on a fast chipset internal bus, bus bandwidth usage is lower.
Yes, AMR or CNR modems are CPU driven softmodems - but given the speed of today's CPUs, noone will notice. The only thing one does notice is the high roundtrip delay aka "ping latency".
regards, Peter